Nevada, MO Cost of Living

Nevada cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

Here we can see a simple outline of the cost of living in Nevada, MO. As you can see, with the average cost of living in Nevada, MO being 80, that puts it 12% lower than the average of Missouri and 20% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Nevada, MO, the price of goods and services are 8% lower than the average of Missouri as well as 13% lower than the nation's average.

Did you know?

The cost of living in Nevada is 12% lower than the Missouri average.

The cost of living in Nevada is 20% lower than the national average.

The cost of housing in Nevada is 53% lower than the national average.

Missouri general sales tax is 17% lower than the national average.

Missouri state income tax is 33% lower than the national average.

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Compare Nevada, MO Cost of living To Other Cities

Salary Calculator

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Cost of living index

Goods & Services index

Groceries index

Health care index

Housing index

Transportation index

Utilities index

Using the salary calculator lets you compare the salary you earn in Nevada, MO to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Nevada, MO, you have to earn a higher income in order to still have the same standard of living. To operate the Nevada, MO salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$45,893

$3,824

$1,071

$1,377

Renters

$22,071

$1,839

$515

$662

A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Nevada, MO, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Nevada, MO has a median income of about $45,893 for people who own homes. Based on that number, a person should spend a maximum of $1,071 on expenses related to housing. Renters have a slightly different median income, which is $22,071. Based on this average, renters should spend no more than $515 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Missouri Sales Tax

State

General Sales Tax

With Max Surtax

Missouri

4.225%

9.35%

Missouri Income Tax

State

Income Tax (Low)

Income Tax (High)

Missouri

1.5%

6%

One thing to keep in mind when considering the cost of living in Nevada, MO is the Missouri sales tax and Missouri income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Missouri sales tax rate is 4.225% and the maximum surtax that can be charged is 9.35%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Missouri income tax rates range from 1.5% to 6%.

Goods & Services

Item

Nevada

National avg.

Difference

Haircut

$15.94

$15.56

2.4%

Beauty Salon

$23.11

$36.11

36.0%

Toothpaste

$2.05

$2.47

17.2%

Shampoo

$0.93

$0.96

4.0%

Movie

$12.06

$10.13

19.1%

Bowling

$3.50

$4.74

26.1%

Groceries

Item

Nevada

National avg.

Difference

Ground Beef

$4.25

$3.98

6.6%

Fried Chicken

$1.32

$1.41

6.4%

Milk

$2.10

$2.06

1.9%

Potatoes

$2.55

$2.98

14.4%

Pizza

$9.00

$9.47

5.0%

Beer

$8.62

$8.79

2.0%

Health Care

Item

Nevada

National avg.

Difference

Optometrist

$93.60

$101.04

7.4%

Doctor

$105.33

$107.44

2.0%

Dentist

$77.73

$90.42

14.0%

Ibuprofen

$6.71

$9.28

27.7%

Lipitor

$425.83

$426.50

0.2%

Housing

Item

Nevada

National avg.

Difference

Home Price

$67,700.00

$175,700.00

61.5%

Avg. Mortgage Payment

$755.34

$1,133.23

33.3%

Apartment Rent

$629.00

$920.00

31.6%

Transportation

Item

Nevada

National avg.

Difference

Gasoline

$1.71

$1.99

14.3%

Tire Balancing

$51.34

$45.76

12.2%

Utilities

Item

Nevada

National avg.

Difference

All Electricity

$185.51

$163.81

13.2%

Phone

$37.89

$28.39

33.5%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.